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Economy of Cascadia
Ministry of Finance The Ministry of Finance is the ministry that is in charge of the economy and money in Cascadia. Some of the most common of the of the Ministry of Finance's duties include collecting and setting taxes, welfare and social security services, the printing and production of banknotes and coins, management of precious metal reserves, managing trade with other countries, and managing the National Bank of Cascadia. Foreign Trade The Cascadian government and companies within Cascadia import a wide variety of things in exchange for the natural resources and other goods within Cascadia. Imports Exports Taxes Income Tax The current taxation system of Cascadia was adopted in 2007. Citizens are taxed by income and businesses are taxed by net profit. In the current system, various ranges of incomes pay income tax based on a percentage of their income, factoring in benefits given by the employer. There are seven tax classes for citizens, listed below. *A Class consists of people that make 0 to 19,999 Casnaras annually. These people are not taxed any part of their income at all. *B Class consists of people that make 20,000 to 39,999 Casnaras annually. These people are taxed 5% of their income. *C Class consists of people that make 40,000 to 69,999 Casnaras annually. These people are taxed 10% of their income. *D Class consists of people that make 70,000 to 149,999 Casnaras annually. These people are taxed 15% of their income. *E Class consists of people that make 150,000 to 299,999 Casnaras annually. These people are taxed 20% of their income. *F Class consists of people that make 300,000 to 799,999 Casnaras annually. These people are taxed 30% of their income. *G Class consists of people that make 800,000 or more Casnaras annually. These people are taxed 40% of their income. Businesses pay taxes that are strongly connected to the taxes of individuals. Taxes are made based on the net profit (money left over after the business' bills, utilities, re-stocking, supplies and workers have been paid for). Sales Tax Most items in Cascadia have a 1% sales tax as of 2010, however, it is usually counted on the inside of the price of the item, instead of adding on an extra fee. Some items, however, do retain far higher taxes, such as alcohol (120%), tobacco (150%), soft drinks (50%), and some other items that are either bad for the health of the human population or inflating out of control. Banking In Cascadia, various independent banks exist to lend money. Banks are heavily regulated in Cascadia, and are prohibited from holding shares in non-financial companies. In the event of a bank collapse, the bank is lent money until it recovers. National Bank of Cascadia The National Bank of Cascadia is the central bank of Cascadia. The bank is in charging of minting and printing casnaras. The bank also intervenes and injects money into the banking system during economic troubles. Inflation is also kept low with the aid of the bank. The National Bank of Cascadia can be found in various places around Cascadia, as it also acts as a civilian bank. Category:Cascadia Category:Economy